The Marketplace is launching a two-year stepped discount mortgage with cashback funded by Bristol & West.
The 3 per cent discount until October 2003 gives the product an initial pay rate of 2.95 per cent. A further discount of 0.75 per cent continues for another year.
The mortgage is for maximum loan to value of 95 per cent and pays £300 cashback. There are no extended tie-ins beyond the discount period
The MarketPlace mortgage technical manager David Bitner says: “This is a very competitive product that is great for first time buyers as it offers a big discount in the first year, when finances are often tight. It also gives £300 cashback and a free valuation, which saves a few more crucial pounds and is available on an income multiple of 4 times one salary and 1 times another.”